§ 43-2-647 — Refunding Bonds - Bond Stands as Security; Action on Bond

(a) Such refunding bond stands as security for the executor or administrator, should the assets in his or her hands, after any payment of money or delivery of property under the order of the court, prove insufficient to pay the debts, claims, and charges against the estate, and the executor or administrator pays the same; and also as security for the creditors of the estate; and any creditor may bring a civil action thereon.
(b) The extent of the recoveries on such bond is the amount or value of the property received by the legatee or distributee and interest on such amount or value from the date of its receipt; and the value of property received may be proved by the entry of record, made according to the provisions of this division or other evidence; and civil actions may be brought on such bond from time to time in the name of any person aggrieved until the whole amount of the liability, as determined by this section, is recovered.

Legislative History

(Code 1852, §§1785-1787; Code 1867, §§2112-2114; Code 1876, §§2489-2491; Code 1886, §§2206, 2207; Code 1896, §§274, 275; Code 1907, §§2732, 2733; Code 1923, §§5971, 5972; Code 1940, T. 61, §§373, 374.)